FINTECH
“ Here in banking , there ’ s a whole world of data at our fingertips that can help us improve the lives of our customers ”
— David Hayes , CDO , Santander
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Pearson , too , cites Open Banking as one of “ a whole series of regulatory activities that are changing the face of the banking industry ”. He adds : “ The making available of information about customers to a whole range of new players is going to fundamentally change the way customers interact with financial organisations . There will be new players – and as a bank , we need to respond to that . We need to measure the experiences we build , and remain relevant for our customers as we support their goals in life . Opening up banking data gives us opportunities to understand who our
customers are and how to be more relevant in their day-to-day activities .”
Overall , Hayes concludes that the centuries-old banking industry will fundamentally transform with Santander at the fore . “ I firmly believe that technology will completely change banking in the next 20 years . The challenge for the industry will be to embrace those technologies – and the winners will be those who can do that in a way which is right for the customer .”
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